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Plus: Celsius says Tether broke their BTC agreement |
GM. At the Daily Squeeze Bar: today’s special is a blood orange spritz with crushed optimism on the rim. 🚀 Two new crypto ETFs in the mix. 🍋 News drops: Tether's getting sued, NY Attorney General wants tougher stablecoin rules + more |
🍍 Market flavor today | |||||||||||||||||||||||||||||||||||||||||||
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Honestly, not much has changed since yesterday. The sentiment's still in Greed, and the market's still moving sideways as mid- to long-term holders are slowly selling off. But according to CryptoQuant contributor Yonsei_dent, that is not a bad thing at all, because even with the selling, the price hasn’t dropped much. That means there are enough buyers to soak up that sell pressure = exactly what you want to see if the uptrend's going to continue. Yonsei_dent calls this kind of rotation healthy, and says it’s actually a sign of strength, not weakness. The analyst also pointed to another interesting trend: there's been more activity from coins that haven't been touched for 1 - 3 years. That’s likely people who bought during the last bear market taking profits. Again, it’s normal - and it usually happens in the middle or later stages of a bull run. It just means the market’s slowly shifting from older holders to newer ones. All in all, we’re likely in a quiet redistribution phase. And this kind of low-drama transition often builds the foundation for the next big move. Besides, CryptoQuant contributor Darkfost points out that even though some long-term holders are cashing out, they’re not doing it at peak profit levels. Right now, the average unrealized profit is at around 220%. That might sound like a lot, but it’s way below the 300 - 350% profits levels we saw during the market tops in March and December 2024. For them to hit similar returns, Bitcoin would have to climb to around $140K. That doesn’t mean it’s guaranteed to happen - but it shows we’re not in full-blown peak territory yet, and there could still be room for this market to run. |
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